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Gold's Upward Momentum and Performance Overview of EUR, GBP, JPY, CHF, AUD, Brent, and S&P 500 Index.

EUR/USD (Euro vs US Dollar)

EUR/USD has concluded a corrective wave, reaching 1.0833. After forming a narrow consolidation range around this level, the market moved upward to 1.0878. This entire structure is perceived as a broad consolidation range around 1.0833. Today, a downward momentum to 1.0807 is expected to begin. A downward breakout of this level will open the potential for a decline to 1.0736—the first target of another decline wave.

GBP/USD (Great Britain Pound vs US Dollar)

GBP/USD has completed a corrective wave, reaching 1.2745. Today, a consolidation range could form around this level. A downward breakout is expected, with the decline wave continuing to 1.2646. A downward breakout of this level will open the potential for a drop to 1.2600. This is a local target.

USD/JPY (US Dollar vs Japanese Yen)

USD/JPY has completed its downward movement to 145.88. Today, a correction towards 146.93 could follow. After the price reaches this level, a decline wave could start, targeting 145.55.

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USD/CHF (US Dollar vs Swiss Franc)

USD/CHF has undergone a correction to 0.8566. Today the market is forming a consolidation range around this level. An upward breakout is expected, with the growth wave continuing to 0.8645 and potentially expanding further to 0.8724. This is a local target.

AUD/USD (Australian Dollar vs US Dollar)

AUD/USD has completed a decline wave to 1.6503 and by now corrected to 0.6595. Today a consolidation range could form around this level. With a downward breakout, the decline wave might expand to 0.6499. This is the first target.

BRENT

Brent has formed a consolidation range around the 81.25 level and, breaking below it, undergone a correction to 78.91. Today, the price is expected to rise to 81.25 (a test from below). Once the price reaches this level, another decline structure, targeting 78.05, is not ruled out. Subsequently, a new growth wave to 82.20 could start, with the trend potentially continuing to 85.90.

XAU/USD (Gold vs US Dollar)

Gold has completed a growth structure to 2047.25. By now, the market has formed a consolidation range around this level and, breaking above it, reached the 2065.45 level. Today a correction to 2047.25 (a test from above) could develop, followed by a rise to 2084.15.

S&P 500

The stock index is in a consolidation phase around 4905.8. Today the market has expanded the consolidation range to 4935.2. This is a local target. A narrow consolidation range could form below this level now. With a downward breakout, a correction to 4905.8 (a test from above) could occur, followed by another growth structure to 4966.6, marking the end of this growth structure potential. Subsequently, the price could go down by the trend to 4842.0. This is the first target.

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The post Technical Analysis & Forecast February 02, 2024 appeared first at R Blog - RoboForex.

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By: Igor Sayadov
Title: Technical Analysis & Forecast February 02, 2024
Sourced From: blog.roboforex.com/blog/2024/02/02/technical-analysis-forecast-february-02-2024/
Published Date: Fri, 02 Feb 2024 08:53:02 +0000

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